ATLANTA — CP Group, an office owner and developer based in Boca Raton, Fla., has unveiled plans to redevelop Piedmont Center, a 2.2 million-square-foot office campus located off Piedmont Road in Atlanta’s Buckhead district. The firm acquired the property in June for $200 million, after the former owner, Ardent Cos., defaulted on its loan tied to Piedmont Center from Morgan Stanley.
CP Group is expected to begin its overhaul of the 14-building property this year.
“We’re not just updating an office park; we’re building a destination,” says Chris Eachus, founding partner of CP Group. “Piedmont Center is a perfect example of the high-value assets we target. The combination of this prime location and our reimagined master plan has already sparked immediate interest and strong leasing results.”
The project team includes Atlanta-based architecture and design firms Smallwood and ASD|SKY, as well as Bethesda, Md.-based real estate consulting firm Of Place.
One of the primary transformations planned for the redevelopment is a new street-level strip on Piedmont Road that is expected to include at least six restaurant concepts and various retail offerings.
In the meantime, Piedmont Center has already opened LiveWire Coffee in Building 6 and has curated food truck programming options throughout the campus.
Other planned improvements at the mixed-use development will include “reimagined arrival experiences and hospitality-inspired lobbies” in Buildings 14 and 15, expanded fitness and conference facilities and a new gateway entrance and courtyard.
Additionally, a centralized amenity center will connect parking decks to sport courts, and will also include a new fitness center, flexible event space, wellness services and a leasing center. CP Group also plans to deliver approximately 42,000 square feet of fully built, move-in-ready spec suites across the property.
Along with the planned renovations, roughly 83,000 square feet of leasing activity has taken place in recent months, including Buckhead Investment Partners’ lease expansion to 19,576 square feet, and business management consulting firm ScottMadden Inc.’s renewal for 10,871 square feet.
Bryan Heller, Preston Menning, Glenn Kolker, Parker Welton and Lauren Slappey of Stream Realty Partners represented CP Group in all lease negotiations.
“The leasing momentum at Piedmont Center is a direct reflection of the trust and support we’ve received from the tenant-broker community,” say Bryan. “Their advocacy was instrumental in bringing new tenants to the campus and reinforcing long-term commitments from existing users.”
In 2023, Ardent Cos., along with Westbridge and Bridger Properties, announced a new retail and dining district for Piedmont Center called Oxton, which would include a food hall and a satellite location for Scofflaw Brewing Co. Those plans ultimately fell through.
Founded in 1986 and formerly known as Crocker Partners, CP Group has acquired, repositioned and operated more than 170 office and mixed-use properties totaling more than 64 million square feet and valued at over $8 billion. The investor and developer is widely known for its ownership of Bank of America Plaza and the former CNN Center (now rebranded The Center) in downtown Atlanta, as well as the Boca Raton Innovation Campus and One Biscayne Tower, among its other holdings in the Sun Belt.
— Abby Cox